Electric vehicle sales in the United States topped 300,000 for the first time in the third quarter of this year, but industry leader Tesla's market share slipped to its lowest level on record, according to a report released Thursday by Cox Automotive.

While Elon Musk-led Tesla has launched a price war to solidify its position in the highly competitive electric vehicle space, it now has only half the market share, down from 62 percent in the first quarter.
However, the market research firm said it could reverse that decline with the launch of the Cybertruck electric pickup, which will be delivered to customers this quarter.
On the other hand, in an effort to catch up, other automakers have been aggressively cutting prices in response to a tough environment for demand triggered by high inflation and higher borrowing costs.
Cox Automotive said: "Higher inventory levels, greater product availability, and downward price pressure have spurred continued linear growth in electric vehicle sales in the US market. The price war initiated by Tesla reduced the average EV price in September to $50,683 from $52,212 the previous month."
The report also shows that total electric vehicle sales in the third quarter increased by nearly 50% year-on-year, accounting for 7.9% of total industry sales, a record high.
Rivian Automotive delivered more vehicles than analysts expected in the third quarter and reaffirmed its annual production target of 52,000 vehicles.
But Tesla's third-quarter deliveries fell short of market expectations as its factories planned upgrades to roll out a new version of its Model 3 mass-market sedan, forcing production to halt.
Industry analyst Canalys said earlier this month that while Tesla is dominant in the United States, there is a growing demand for more options for electric vehicles to meet the growing interest in electric vehicles.